A Play-to-Earn video game startup is turning to Ondato for identity verification. Basketballverse is a Web3 game that is set to launch in the second half of 2022 that will give players the opportunity to manage their own basketball clubs on a blockchain ledger.
According to Basketballverse, the average player will not need to complete the identity verification process. However, the same is not true for those looking to invest in the platform. Ondato’s solution will ask investors to take a picture of both sides of a photo ID, and extract the data from that ID to check whether or not a given individual is on any kind of watchlist. It will also check to ensure that that individual is in fact authorized to act on behalf of their company.
The onboarding process concludes with a selfie. Ondato matches that selfie to the ID with facial recognition to ensure that the two are a match. In doing so, the solution will allow Basketballverse to comply with international Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. It also provides a degree of future proofing. The European Union is expected to pass a new Markets in Crypto-Assets (MiCA) bill to regulate the crypto industry in 2023, and Basketballverse will already have a KYC system in place thanks to its new alliance.
Ondato noted that money laundering is an especially big concern for crypto platforms. Basketballverse itself will involve the use of NFT avatars, and give players ways to earn cryptocurrency through sponsorship and merchandise sales. The developers hinted at possible partnerships with actual basketball players and stadiums, although whether or not that ever comes to pass is still very much an open-ended question.
The news will raise Ondato’s profile in the crypto space. The company has already provided onboarding services for a more traditional financial institution in Luminor Bank.